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EugeneJ posted:It sounds like it's student loan insurance that only pays out if you become disabled (if this is the same thing you're talking about): Credit life and disability is old hat (although it is usually bad with money). It looks like this is for tuition and housing costs if you kid quits for medical or psychiatric reasons. https://www.washingtonpost.com/news...m=.d45396a30023
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Aug 29, 2017 06:00
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therobit posted:Credit life and disability is old hat (although it is usually bad with money). It looks like this is for tuition and housing costs if you kid quits for medical or psychiatric reasons. Lol that could have saved me and my parents like $40k, oh well
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Aug 29, 2017 06:02
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ate all the Oreos posted:Lol that could have saved me and my parents like $40k, oh well Yeah, it could have saved me 60% of a term's tuition and an entire term of housing expenses. I had to drop out due to medical reasons and it was largely because the campus heath center kept mis-diagnosing an issue until I got really really sick. I went back the next year, and thankfully that was when tuition was only 3k/year. But I wonder what the premiums are. Most people will not need that type of insurance, and I bet most of the people buying are high risk so I can't imagine the premiums are low enough to be worth it. And of course the article says a lot of the policies exclude pre-existing conditions.
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Aug 29, 2017 06:59
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therobit posted:Most people will not need that type of insurance, and I bet most of the people buying are high risk so I can't imagine the premiums are low enough to be worth it. And of course the article says a lot of the policies exclude pre-existing conditions. You've stumbled on the one weird trick insurance companies use to make money.
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Aug 29, 2017 07:10
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therobit posted:Yeah, it could have saved me 60% of a term's tuition and an entire term of housing expenses. I had to drop out due to medical reasons and it was largely because the campus heath center kept mis-diagnosing an issue until I got really really sick. I went back the next year, and thankfully that was when tuition was only 3k/year. That sounds like a lawsuit rather than an insurance claim Like at the very least I bet they'd refund that tuition if you beat them over the head with a few legal threats since it sounds like it's basically their health professional's fault that you had to drop out in the first place
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Aug 29, 2017 07:16
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NancyPants posted:You've stumbled on the one weird trick insurance companies use to make money. CONSUMERS HATE IT!
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Aug 29, 2017 07:17
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ate all the Oreos posted:That sounds like a lawsuit rather than an insurance claim Since I suffered no permanent damage, I doubt that would have gone anywhere. Plus my family is really not litigious and I did not personally have the resources to pursue something like that. I don't think it would have been a big enough payout to get someone on contingency though. I was pretty sick for a couple months and took some time to recover, but within a few months I was healthy again and working a minimum wage job while I waited for school to start again. I never went back to the campus health center, though.
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Aug 29, 2017 07:24
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blackmet posted:Did the house just flood from water (not covered), or was the initial cause due to wind damage (often covered)? Regardless of the actual sequence of events, it is always (until a judge forces them to admit otherwise) the former, because that allows the insurance companies to foist the flood claims on to the federal government.
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Aug 29, 2017 07:38
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NancyPants posted:You've stumbled on the one weird trick insurance companies use to make money. Right, but in this case in particular it's a shallow and newish market. If the insurers are being conservative about their assumptions, it may be a particularly negative expected value choice. On the other hand, if they're subsidizing the rates for marketing reasons, it might make sense to go for it.
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Aug 29, 2017 07:42
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Guest2553 posted:xpost but Is this the call that starts off with a foghorn? Because if so I'm in the money!
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Aug 29, 2017 11:17
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FateFree posted:Is this the call that starts off with a foghorn? Because if so I'm in the money! I don't think so, because I got that poo poo a bunch and I'm not a member of the class.
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Aug 29, 2017 11:33
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Yes I got a poo poo load of calls like that but my numbers aren't listed. Now it's a "thanks for staying at our resort" when I definitely didn't.
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Aug 29, 2017 13:09
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All of my telemarketer calls have local exchanges and don't get blocked by any of my blocklists. I'm guessing those are tougher to track back to their source and probably aren't in this settlement. So if you're on that list maybe you're getting them from 1-800 numbers?
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Aug 29, 2017 13:21
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NancyPants posted:You've stumbled on the one weird trick insurance companies use to make money. This LOB may be too new to be turning a profit, which also makes it too new for more than simplified underwriting.
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Aug 29, 2017 13:31
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Krispy Kareem posted:All of my telemarketer calls have local exchanges and don't get blocked by any of my blocklists. I'm guessing those are tougher to track back to their source and probably aren't in this settlement. You can really trivially spoof caller ID if you're using a provider that doesn't actually give a gently caress (which is basically all the non-huge VoIP companies) so they're not actually from your "local exchange" and their numbers are most likely fake. I've been carefully marking each telemarketer call as "auto-blocked" in my phone just to keep track of them and they rarely use the same one more than once or twice. I recently got a call from a lady telling me she didn't want what I was selling and take her off the list gosh darnit!!! because in addition to calling me over and over again I also got added to the list of "fake numbers to pretend to be from."
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Aug 29, 2017 13:48
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republicant posted:
Guest2553 posted:My phone number got a hit I have a great idea to quickly build up a list of valid telephone numbers to sell to telemarketers: build a website that lets people check their numbers for a class action lawsuit and record them all.
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Aug 29, 2017 14:43
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Going back to the affordability of cars, one of my friends was told by a group of her friends (who apparently mostly work in restaurants) that "If you make $35k per year that means you can finance a $35k car". She didn't listen, thankfully. If this is what passes for conventional wisdom these days the country's even more hosed than I thought.
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Aug 29, 2017 16:03
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thekeeshman posted:Going back to the affordability of cars, one of my friends was told by a group of her friends (who apparently mostly work in restaurants) that "If you make $35k per year that means you can finance a $35k car". She didn't listen, thankfully. If this is what passes for conventional wisdom these days the country's even more hosed than I thought. The simple rule of thumb I've heard in middle-class circles is "don't buy a house that costs more than 3x income, or own a car that costs more than 1/3 of income when new", but that wisdom would mean that people that make less than $60k don't get to own cars.
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Aug 29, 2017 16:06
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Twerk from Home posted:The simple rule of thumb I've heard in middle-class circles is "don't buy a house that costs more than 3x income, or own a car that costs more than 1/3 of income when new", but that wisdom would mean that people that make less than $60k don't get to own cars. If they follow the rules, then it just means they don't buy NEW cars. It makes even more sense because insurance costs would be cheaper too.
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Aug 29, 2017 16:30
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Yup new cars are for chumps Source: my family's financial instability
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Aug 29, 2017 16:52
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lostleaf posted:If they follow the rules, then it just means they don't buy NEW cars. It makes even more sense because insurance costs would be cheaper too. It's harder to get a loan for a used car, especially a cheap one, and Cash for Clunkers means that used cars only get so cheap now. And I think you missed the "when new" - I could buy an old toyota for 6k but "when new" it would have easily been triple that. The house math is even more funny now. Even if you were doing extremely well and making six figures, find me a 300k house anywhere near the job that pays you that kind of money.
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Aug 29, 2017 18:13
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Tiny Brontosaurus posted:It's harder to get a loan for a used car, especially a cheap one, and Cash for Clunkers means that used cars only get so cheap now. And I think you missed the "when new" - I could buy an old toyota for 6k but "when new" it would have easily been triple that. You gotta be somewhat North. Down here they run about $1500 for functional-but-ugly at 150k miles.
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Aug 29, 2017 18:30
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Guest2553 posted:xpost but My work phone number was included. Hrm.....I wonder if I submit the request what happens
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Aug 29, 2017 18:30
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Folly posted:You gotta be somewhat North. Down here they run about $1500 for functional-but-ugly at 150k miles. Nope, Southern California. Functional-but-ugly here is 4k, even if you shop in a small town hours from the major cities. But even in your area, financing for 1500 is harder to find than 15000 because there's not much money to be made off of it. And while I'm lucky enough that I wouldn't need to finance a $1500 car, a minimum wage worker might, especially if their last car died on them suddenly and they need something to drive to work asap.
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Aug 29, 2017 18:38
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And that's why BHPH lots exist. Because what a poor person really needs is a $1500 15% loan.
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Aug 29, 2017 18:54
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$1500 is below minimum loan amounts for most secured lending/auto finance. Additionally, over 100k-125k miles and most prime lenders won't even look at the collateral and if they do it as an exception you better have A credit and a good relationship with that bank. It is actually a really tough problem in the lending industry. People with low incomes and crappy credit still have a legitimate need to borrow money, but from a risk standpoint it is hard to create a profitable product that does not charge interest rates that sound usurious until you look at the default rate. What ends up happening is that reputable lenders won't lend because the customer is too great a risk for their product parameters, and that market segment is served only by the bottom feeders.
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Aug 29, 2017 19:27
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That explains why $2000 seems to be about the max price I see on the window when I drive by. Everything higher seems to be in terms of monthly payments.
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Aug 29, 2017 19:40
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Folly posted:That explains why $2000 seems to be about the max price I see on the window when I drive by. Everything higher seems to be in terms of monthly payments. People are also bad about converting monthly payment to value. Example: $150 a month for 24 months. The person thinks I can afford $150 every month. Little do they realize they just set themselves up to spend $3600 for a car whose value is more like $2500.
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Aug 29, 2017 19:59
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Tiny Brontosaurus posted:It's harder to get a loan for a used car, especially a cheap one, and Cash for Clunkers means that used cars only get so cheap now. And I think you missed the "when new" - I could buy an old toyota for 6k but "when new" it would have easily been triple that. There's going to be a whole lot of used cars hitting the market in the next few months. Most of them previously titled in Texas (and totally NOT flood damaged).
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Aug 29, 2017 20:04
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HFX posted:People are also bad about converting monthly payment to value. Example: $150 a month for 24 months. The person thinks I can afford $150 every month. Little do they realize they just set themselves up to spend $3600 for a car whose value is more like $2500.
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Aug 29, 2017 20:10
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Yawgmoth posted:John Oliver did a really good breakdown of this along with why so many people are stuck spinning their wheels financially. You buy this $2000 poo poo car for $150/mo, drive it until something breaks, then try to sell it only to find out that you can only get like $800 for it. And now you're underwater on this car and need to get another one because your only other option is to spend 2 hours each way on the bus, so you get... another poo poo $2000 car for $150/mo. There's unfortunately a lot of "traps" like this that more affluent people don't even realize and are quick to dismiss as just bad decision making. And sure, sometimes they are "bad" decisions but in the context of desperation it's easier to have some empathy toward someone stuck in a lovely situation. It can be expensive being poor.
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Aug 29, 2017 20:15
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Tiny Brontosaurus posted:It's harder to get a loan for a used car, especially a cheap one, and Cash for Clunkers means that used cars only get so cheap now. And I think you missed the "when new" - I could buy an old toyota for 6k but "when new" it would have easily been triple that. Cash for Clunkers effect has pretty much been run out at this point.
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Aug 29, 2017 20:17
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Yawgmoth posted:John Oliver did a really good breakdown of this along with why so many people are stuck spinning their wheels financially. You buy this $2000 poo poo car for $150/mo, drive it until something breaks, then try to sell it only to find out that you can only get like $800 for it. And now you're underwater on this car and need to get another one because your only other option is to spend 2 hours each way on the bus, so you get... another poo poo $2000 car for $150/mo. This was good, and they even tracked in individual car through a whole bunch of repos and resales in a matter of a year https://www.youtube.com/watch?v=4U2eDJnwz_s
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Aug 29, 2017 20:26
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Tiny Brontosaurus posted:The house math is even more funny now. Even if you were doing extremely well and making six figures, find me a 300k house anywhere near the job that pays you that kind of money. Lots of places?
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Aug 29, 2017 21:55
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Dustoph posted:Lots of places? No, you see the only jobs that pay six figures are in NYC and San Francisco. I mean, some housing markets are insane and it is tough to keep a good ratio. But there are huge regions of the country where suburban housing prices average well below $300k and people still make bank in those areas.
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Aug 29, 2017 22:36
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There's someone in one of the IT threads who was making 6 figures and picked up a pretty big house in DFW for $200,000 before the prices started climbing. It seems like it's a matter of buying before the market realizes it could get more.
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Aug 29, 2017 22:54
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22 Eargesplitten posted:There's someone in one of the IT threads who was making 6 figures and picked up a pretty big house in DFW for $200,000 before the prices started climbing. It seems like it's a matter of buying before the market realizes it could get more. Think their home is underwater now? 
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Aug 29, 2017 22:58
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Tiny Brontosaurus posted:Nope, Southern California. Functional-but-ugly here is 4k, even if you shop in a small town hours from the major cities. But even in your area, financing for 1500 is harder to find than 15000 because there's not much money to be made off of it. And while I'm lucky enough that I wouldn't need to finance a $1500 car, a minimum wage worker might, especially if their last car died on them suddenly and they need something to drive to work asap. I bought a $1500 craigslist clunker in 2014 and since then have had to put $2500 into the car in terms of repairs, and there is still plenty of work to be done. On 4 separate occasions my car stopped working and left me stranded and required towing. Not to mention the car doesn't have working AC (it would be another $1000 to fix), and in SoCal that's not very pleasant. Buying cars under $4000 that won't have hidden problems requiring you spend more money when you get stranded is extremely difficult. When you don't live in a place where you can do maintenance on your own vehicle (even if I knew how to) legally means you have to spend quite a bit for all those little problems.
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Aug 29, 2017 23:23
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Moneyball posted:Think their home is underwater now? Thanks for reminding me that I'm a terrible person. For reference, in my area a $300k house is more than 3000sqft on a half acre. The older the house, the bigger it gets. I feel like most families could survive with less. And $100k jobs are generally found in any regional city with an economic population of 500k or more. IT jobs especially, it seems. I'm guessing because the salary market for them seems to be more independent of the area, due to remote work. So basically you want to live in Des Moines. And anytime you're going to buy a $1500 car, buy two. That way you've doubled your odds of one working when you need it.
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Aug 29, 2017 23:38
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Plus doctors, lawyers, dentists, veterinarians, etc. Even in places with 100K people you're going to find people with six figure incomes.
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Aug 29, 2017 23:41
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